Why is the bank reconciliation statement important?
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Bank reconciliations verify the integrity of data between the bank records and a company's internal financial records. The very nature of a reconciliation control is detective, catching things like fraud, errors, and missing items—all after the fact, but before financials are reported
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Importance of Bank Reconciliation Statement
The bank reconciliation statement helps in explaining the differences in the amount between the company's cash book and bank balance. The cash book and the bank passbook differences are caused by: ... Bank-issued cheque but not yet deposited for payment.
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